- Berkadia Arranges Sale and $26 Million of Acquisition for Newly Constructed Student Housing Property Near Notre Dame
Berkadia today announced the sale and financing of University Edge, a dedicated student housing property located at 130 South Dixie Way in South Bend, Indiana. Managing Director Kevin Larimer, who heads Berkadia’s student housing division, represented the seller, Columbus, Ohio-based Hallmark Campus Communities. Managing Director Jeff Stuart of the Seattle office secured the $26.8 million, 10-year, fixed-rate loan with seven years of interest-only payments through Fannie Mae for the Seattle-based borrower, Horizon Realty Advisors. The deal was completed on July 13.
“Berkadia’s deep knowledge and extensive experience in the student housing space allowed us to deliver the best possible terms for the borrower,” Stuart said. “As a seasoned owner and operator of dedicated student housing properties, Horizon Realty Advisors was excited to purchase the property due to its optimal location and walking distance to both the University of Notre Dame and Saint Mary’s College.”
The 216-unit, 528-bed property was built in phases, with final completion in 2015. It was 98 percent occupied at the time the loan was secured. [Multi-Housing News
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